This paper develops a theoretical and empirical framework to assess the heterogeneous effects of mortgage rates on housing returns when accounting for the zero lower bound regime of the policy interest rate and state-level supply and demand conditions. Based on an interacted panel VAR estimated...

We examine the action of natural selection in a periodically changing environment where two competing strains are specialists, respectively, for each environmental state. When the relative fitness of the strains is subject to a very general class of frequency-dependent selection, we show that...